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UK economy contracts more than thought in third quarter

LONDON (AFP) – Britain’s economy contracted slightly more than thought in the third quarter, revised official data showed yesterday.

Gross domestic product shrank 0.3 per cent in the July-September period compared with an original reading of minus 0.2 per cent, the Office for National Statistics (ONS) said in a statement.

The ONS added that the United Kingdom (UK) economy grew weaker than expected in the first half of 2022.

It comes after the UK government said it believes the economy is already in recession on fallout from sky-high inflation.

Director of Economic Statistics at the ONS Darren Morgan said the “revised figures show the economy performed slightly less well over the last year than we previously estimated, with manufacturing and electricity generation notably weaker”.

Households’ disposable income continues to fall as wages failed to keep up with inflation. PHOTO: AFP







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